As per the prior post (GBPUSD continues trend down, but tests trend line support), the GBPUSD found support at the channel trend line support. That move higher has also found resistance against the topside channel and MA (also outlined in the post). So traders are focused on the risk defining levels and that will dictate the bullish and bearish bias in the near term. Stay below the 100 bar MA and trend line (they are tracking) and the bias is down. Move above and the bearish bias becomes tarnished and a further correction/consolidation can be expected. Other targets aboe include the 1.55374 (38.2% of the days range), the 200 bar MA (green line at the 1.5548 level currently) and 1.5554 (50% of the days range). A move above those levels would open the door for further corrective moves.
On the downside, traders will be on the lookout for bottom pickers against the days low at 1.5483. The current move off the trend line and MA should provide key clues for the near term trade and bias.